Illinois Municipal Retirement Fund, Oak Brook, is searching for equity managers to run a total of up to $900 million in active domestic large-cap growth and at least $100 million in active international small caps, said Linda Horrell, IMRF communications manager.
The $25 billion fund could hire more than one manager for each assignment, according to the RFPs on the plan’s website, www.imrf.org.
Funding for the domestic equity search could come in part from the $485 million managed by AllianceBernstein in active U.S. large-cap growth. The search is being conducted in part because of organizational changes at AllianceBernstein, Ms. Horrell said. The firm has not been terminated and can rebid.
Funding for the rest of the domestic equity search and for the international equity search has not been finalized and could come from index funds, Ms. Horrell said.
Both searches are part of IMRF’s overall diversification effort, Ms. Horrell added.
Proposals for both searches are due Feb. 11. Fund officials expect to make a decision in the domestic equity search May 20 and in the international equity search April 29.
Callan Associates, the fund’s investment consultant, is assisting in both searches.